As delegates at the UN climate talks in Paris get into the details of the new climate change agreement text in search of progress, Carbon Pulse continues to publish updates throughout the day of key developments in the negotiations as well as on the sidelines.
1743 CET – FIRST CARBON PRICE CHAMPION: The Climate Markets Investment Association and the International Emissions Trading Association have awarded the inaugural COP-21 Carbon Pricing Champion Award to Ontario and Quebec for their efforts in building a sub-national carbon market. “Quebec in particular has played a big role in inspiring other jurisdictions – including Ontario – to look at cap-and-trade as a tool to curb emissions at lowest cost, building on the success of its linked market with California,” the groups said.
1705 CET – WORLD BANK CO2 PRICING ‘SUPPORT GROUP’: The main objective of the World Bank’s new high-level Carbon Pricing Leadership Coalition (CPLC), according to the institution’s top climate change official, is to act as a support group for governments and companies that back assigning a cost to greenhouse gas emissions. Officially launched this week at the UN climate summit in Paris, the coalition is aimed at providing “political cover” to government leaders who feel isolated by their views, while also attempting to tackle, with the input of the private sector, the difficult underlying issues such a carbon leakage and border tariffs, said Rachel Kyte. But what has also materialised from the forum, which has so far signed up 20 national and sub-national governments and more than 70 corporations, is evidence of a growing discord both within companies and between them over ongoing efforts to block carbon pricing initiatives. Read the full story
1248 CET – DIVESTMENT CAMPAIGN SURPASSES $3.4 TRILLION: More than 500 institutions representing $3.4 trillion in assets have now joined the campaign to divest from fossil fuels, green groups 350.org and Divest-Invest announced Wednesday. Among recent additions are 19 French cities including Bordeaux and Lille, the Dutch pension fund PFZW and the cities of Melbourne and Oslo.
0948 CET – VIETNAM CONTRIBUTION TO GCF: Most contributions to the Green Climate Fund will come from developed countries, but some developing nations are chipping in as well. Vietnam’s Prime Minister Nguyen Tan Dung has pledged $1 million to the GCF, even though his nation still hopes to be a net beneficiary of the fund.
0830 CET – BUSINESS BACKS CARBON OFFSET MARKET: A group of businesses, including Fuji Xerox, Sky and Dow, together with UN climate chief Christiana Figueres on Wednesday said carbon offsets should play an important role in future efforts to gut GHG emissions, pointing to recent research suggesting that companies that use offsets take the lead in reducing carbon output. “Offsetting is a valid way to reduce global carbon emissions quickly and cost effectively,” Figueres said. Backed by the International Carbon Reduction Offset Alliance, Figueres and the companies released a series of videos arguing the case of offsets.
By Carbon Pulse – firstname.lastname@example.org